Telecom stocks fall after report that Amazon may offer mobile service is reportedly looking to get into mobile phone service, and telecom investors are feeling the pain.

Bloomberg News reported on Friday that the retail giant has been talking with mobile carriers about offering low-cost or free mobile to Prime subscribers.

Holders of traditional telecom stocks clearly don’t like this. AT&T, Verizon and T-Mobile all fell 4% or more in morning trading Friday. Amazon was up about 2%.

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